Zephyr Energy, the Rocky Mountain oil and Gas Company, today announced the completion of its acquisition of non-operated working interests in currently producing and near-term production wells in the Bakken Formation, North Dakota, USA.
All conditions of the Acquisition were satisfied yesterday, including the transfer of title of the Bakken Interests to Zephyr and the release of the Operator liens, and all payments due in respect of the Acquisition have also been made, including payment of approximately $3.7 million for historical capital expenditure obligations and $300,000 to the Seller ( $50,000 having already been paid in a non-refundable deposit).
Following the completion of the Acquisition and the subsequent release of the liens, the Company is now an oil-producer and first production payments associated with the currently producing well in the Bakken project are expected to be received by Zephyr at the end of April 2021. Completion of the other four wells in the Bakken project is expected in May, and the Company will keep Shareholders updated on progress.
